14 Aug THERE ARE MORE THAN THE BIG 4

As borrowers we have become conditioned over the past century that when we need to finance an asset for our business or a motor vehicle for personal use we go to the ” big four ” banks, ie Westpac, ANZ, NAB and the very traditional Commonwealth Bank.

These large iconic institutions have grown into the behemoth they are now with growth by acquisition. By this we mean they target new players in the game who may have a point of difference in product range or pricing, sometimes both, then make a sweet offer to buy them out. This serves two benefits-it provides quick growth for the monster and eliminates a competitor.

New lenders continue to appear in the finance market and certainly don’t have the financial backing or corporate profile to go direct to the marketplace as do the big four. These smaller or boutique lenders choose to market their products and services via a third party channel.

The channel these boutique lenders use to market their products and services are the equipment finance brokers like Aussie Commercial Loans. Smaller non-bank lenders have a good understanding of small business and their requirements and are far less rigid with their credit policies.

Non-Bank lenders will consider applications that may not qualify under bank lending policies ( normally a rigid point scoring system). The Non -Bank lender will consider each application on its merits.

What will the Non-Bank lender consider that makes them different :

• The smaller ticket items- we have lenders who start at amounts as low as $2K.
• Used equipment including private sales and will consider older assets-no real age restrictions.
• Capital raising- raise funds against equity in existing business assets,trucks,machines etc.
• Finance to payout ATO debt.
• Refinance of current asset loans.
• Debt restructuring.

You don’t have to accept a NO from the BIG FOUR !!